What is cryptocurrency? Expand Cryptocurrency is a digital currency designed to function as a medium of exchange through a computer network. These currencies are maintained by a decentralised system rather than a central banking authority.
Which cryptocurrencies do Migrant Help accept? Expand We currently accept the following cryptocurrencies, and others listed on The Giving Block: Bitcoin (BTC), Ether (ETH), Litecoin (LTD), Bitcoin Cash (BCH), Zcash (ZEC), Gemini Dollar (GUSD), Basic Attention Token (BAT), Chainlink (LINK), 0x (ZRX), Storj (STORJ), Dai (DAI), Amp (AMP), The Graph (GRT), UMA (UMA), 1inch (1INCH), Axie Infinity Shards (AXS), Smooth Love Potion (SLP), Moss Carbon Credit (MCO2), TerraUSD (UST), and Terra (LUNA).
How do I donate cryptocurrency? Expand We use the platform The Giving Block to accept cryptocurrency donations. First, select which type of cryptocurrency you wish to donate and enter your donation amount. Next, fill out some basic information about yourself and enter an email address where you would like to receive a tax receipt. Lastly, a wallet address will be generated for your donation which is linked directly to our wallet.
Why is Migrant Help accepting cryptocurrency? / What are the benefits of donating cryptocurrency? Expand Migrant Help values innovation in fundraising and strives to make supporting our cause accessible to everyone. We recognise the importance of cryptocurrency in today’s economy and endeavour to be progressive in our approach to inclusivity. As of 2023, there are over 420 million crypto users worldwide, and we believe that accepting cryptocurrency donations will enable us to reach a wider range of supporters, increasing our income and allowing us to continue our essential work.
Is the exchange of cryptocurrency legal, regulated, and safe? Expand Yes, there are currently no legal restrictions on merchants accepting cryptocurrencies in the UK. HMRC have issued guidance on the handling of cryptocurrency donations, which Migrant Help complies with. The guidance can be viewed here. Cryptocurrencies work using blockchain security. A blockchain relies on networks of thousands of computers to verify transactions, making it close to impossible to tamper with the ledger. Migrant Help has custody and liquidity provided by Gemini, a licensed trust company that is regulated by the New York State Department of Financial Services (NYSDFS), and an industry and world leader in cryptocurrency security and regulatory compliance. Migrant Help complies with the FRS 102 accounting policy, which ensures our cryptocurrency donations are accounted for and measured accurately.
Environmental impact of accepting crypto donations Expand At Migrant Help, we are committed to environmental sustainability and understand the concerns about the energy consumption of some cryptocurrencies. We address this by accepting eco-friendly cryptocurrencies like Ether (ETH), which uses more energy-efficient consensus mechanisms. This helps mitigate the environmental impact of our crypto transactions. Furthermore, our partnership with Gemini ensures that all transactions are managed securely and responsibly, adhering to exacting standards of regulatory compliance and environmental consciousness. By engaging with the cryptocurrency community, we can advocate for sustainable practices and reach a broader audience of environmentally conscious donors, enhancing our fundraising efforts while supporting progressive environmental solutions.